WELCOME ALL  to this   Inaugural PREP Meeting  presented by  Bill Garrett Davidson County Register of Deeds  Tennessee L

WELCOME ALL to this Inaugural PREP Meeting presented by Bill Garrett Davidson County Register of Deeds Tennessee L PowerPoint PPT Presentation


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WELCOME ALL to this Inaugural PREP Meeting presented by Bill Garrett Davidson County Register of Deeds Tennessee L

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1. WELCOME ALL to this Inaugural PREP Meeting presented by Bill Garrett Davidson County Register of Deeds & Tennessee Land Title Association

2. General Info Please sign in or leave a business card so that we have record of your attendance. Please include a company e-mail address that you know will be checked regularly, even if you have staff turn-over. Restroom locations Please silence all cell phones & pagers

3. Agenda 9:45-10:15 Legislative Update (Marie Murphy – Executive Director, COAT) 10:15-11:15 How to Reduce Document Rejections (Kim LeGate – Chief Deputy of Operations, Davidson Co. Register of Deeds Office) 11:15-11:30 Break 11:30-11:40 Denise Allis, TLTA President 11:40-12:30 Review of Register of Deeds Website (document requirements & fee calculator) (Steve Moore, Chief Deputy of Information Technology, Davidson Co. Register of Deeds) 12:30-1:00 Remote Filing (Steve Moore, Chief Deputy of Information Technology, Davidson Co. Register of Deeds) 1:00 Questions / Survey

4. What is PREP? Property Records Education Partners A designated PRIA Work Group PRIA (Property Records Industry Association) www.pria.us Local Chapters

5. The goal/mission of the Davidson County Register of Deeds office is to provide the most professional, efficient service possible while fulfilling all responsibilities given to us by the Tennessee State Legislature and the Metropolitan Charter.

6. PREP Goals Improve working relationships Open and enhance lines of communications Networking Education

7. Legislative Update Presented By: Marie Murphy Executive Director County Officials Association of Tennessee

8. How to Reduce Document Rejections? Use our List of Requirements Use our on-line Fee Calculator Open an Escrow Account

9. Advantages of Escrow Reduces checks written and processed Shortages automatically taken from escrow funds Overages posted to escrow

10. Escrow Account Setup Requirements Complete an application Deposit of $50.00 to set-up List of agents given permission to use the account.

11. Common Recording Problems Incorrect reference numbers Incorrect recording fees Derivation clause needed or incorrect Wrong county Notary missing or seal needed Prepared by

12. WARRANTY DEEDS 1. Self-addressed stamped envelope 2. Name and address of preparer 3. Date 4. Grantor(s) (sellers), grantee(s) (buyers) 5. Notarized signature and seal by grantor(s) (sellers). 6. Map and Parcel 7. Name and address for tax bill 8. Name and address of the new owner 9. Legal description (must be in Davidson County) 10. Current derivation clause 11. Oath of consideration, signed and notarized

13. DEED OF TRUST 1. Self-addressed stamped envelope 2. Grantor(s) (borrower) 3. Trustee 4. Name and address of preparer 5. Dated 6. Legal description (must be in Davidson County) 7. Signed by grantor(s) (borrowers) 8. Notarized and sealed 9. Current derivation clause 10. “Maximum principal indebtedness for Tennessee recording tax purposes if $________________.” The indebtedness amount must be filled in. Taxes are due on the indebtedness and should be paid with the recording fees.

14. ASSIGNMENTS 1. Self-addressed stamped envelope 2. Name and address of preparer 3. Dated. 4. Assignors and names of Assignee. 5. “Maximum principal indebtedness for Tennessee recording tax purposes is $0.” 6. Signed by assignor 7. Notarized and sealed 8. Legal description in Davidson County

15. Releases 1. Self-addressed stamped envelope 2. Parties being released (debtors). 3. Original instrument number or book and page of the instrument(s) being released (Increase your recording fee check by $5.00 for each additional reference.) 4. Dated. 5. Signed by grantor(s) 6. Notarized and sealed 7. If it is a partial release make sure the property is Davidson County

16. Modification or Amendment to Deed of Trust 1. Self-addressed stamped envelope 2. Name and address of preparer 3. Original document number of the deed of trust(s) being modified. 4. Dated 5. Name(s) of the grantor(s) and the grantee (lender, beneficiary). 6. Signed by grantor(s) (borrowers) 7. Notarized and sealed 8. “Maximum principal indebtedness for Tennessee recording tax purposes if $________________.” The indebtedness amount must be filled in. Taxes are due on the indebtedness and should be paid with the recording fees. There is no exemption of $2,000 on new money advanced on an existing loan. If over 60 days you pay double the tax or $250.00 whichever is greater. If there is no new money and just a change in terms, etc., the amount is zero. 9. Property in Davidson County.

17. Fixture Filings 1. Property must be in Davidson County. 2. Self-addressed stamped envelope 3. Name and address of all debtors. 4. Name and address of the secured party. 5. Maximum principal indebtedness for Tennessee recording tax purposes if $________________.” If the taxes were paid on a deed of trust being recorded prior to the Fixture Filing, “Taxes were paid on Deed of Trust recorded in Instrument #____________. Taxes paid at the State you should include a copy of the receipt. 6. Needs to state that it is a fixture filing.

18. Fixture Filing Release 1. Property must be in Davidson County. 2. Self-addressed stamped envelope 3. Name all debtors. 4. Name the secured party. 5. Instrument number(s) of the document being released

20. Reviewing Our Website Presented By: Steve Moore Chief Deputy of Information Technology

21. Davidson County Register of Deeds Remote Filing

22. Logging in

23. Remote Recording Steps 1. Create a transaction

24. Creating Transaction

25. Remote Recording Steps 2. Create a document within that transaction

26. Creating a document within the transaction

27. Choose document type

28. Information screen

29. Remote Recording Steps 3. Perform data entry

30. Enter date of document.

31. Enter consideration if any.

32. Enter one grantor name.

33. Enter one grantee name.

34. Remote Recording Steps 4. Scan original document

35. Scanning original document

36. Scanner interface

37. Document image scanned into software

38. Remote Recording Steps 5. Clean up document image or rescan if necessary

39. Prepared

40. Remote Recording Steps 6. Post transaction

41. Posting the transaction

42. Submitted

43. Remote Recording Steps 7. Retrieve post updates

44. Retrieving post updates

45. Rejected transactions

46. Transaction status 8. If the transaction is rejected make the necessary corrections, repost the transaction and check for subsequent updates.

47. Reasons for rejection

48. Accepted transactions

49. Transaction Status When the transaction is accepted print the receipt first.

50. Opening receipt

51. Printing Receipt

52. Receipt

53. Transaction status After printing the receipt retrieve and print the instrument number on the original document

54. Retrieving instrument number

55. Printing instrument number on original document

56. Recorded document

57. Completed transaction

58. Remote Recording Steps Create a transaction Create a document within that transaction Perform data entry Scan the document Clean up image Post transaction Retrieve post updates If the transaction is rejected make corrections, repost and check for subsequent post updates. ***If the transaction is accepted print the receipt. Print the instrument number on the original document Transaction completed

59. Questions/Surveys

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